https://www.taxtmi.com/circulars?id=9595 Where a transfer for consideration below fair market value reflects an understated consideration (assessee received more than declared), section 52 of the Income-tax Act applies subject to the statutory threshold and without need to quantify exact understatement; where the transfer is a bona fide inadequate consideration, the difference is taxable under section 4(1) of the Gift-tax Act if its conditions are satisfied, and the two regimes should not duplicate tax on the same amount, though either may be invoked protectively. en-us Fri, 08 Mar 1985 00:00:00 +0530 Tue, 07 Jun 2011 13:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=9595 Where a transfer for consideration below fair market value reflects an understated consideration (assessee received more than declared), section 52 of the Income-tax Act applies subject to the statutory threshold and without need to quantify exact understatement; where the transfer is a bona fide inadequate consideration, the difference is taxable under section 4(1) of the Gift-tax Act if its conditions are satisfied, and the two regimes should not duplicate tax on the same amount, though either may be invoked protectively. Circulars Income Tax Fri, 08 Mar 1985 00:00:00 +0530 https://www.taxtmi.com/circulars?id=9595